The article reports national average home equity loan and HELOC rates from Mortgage Research Center as of Oct. 14, based on a $350,000 loan at an 80% loan-to-value ratio and FICO scores of 620 or higher. A home equity loan pays a single lump sum repaid in fixed monthly installments over up to 30 years, while a HELOC is a revolving credit line that can be drawn and repaid during a draw period of up to 10 years before entering repayment. Both usually carry lower rates than unsecured personal loans and allow far larger amounts than the roughly $100,000 cap commonly applied to personal loans. The main risk is that missed payments could lead to losing your home, and fees typically total 2% to 5% of the loan amount. Borrowers generally need 15% to 20% equity in their home, depending on the lender, and actual rates depend on credit profile, debt-to-income ratio and property type.
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